Give yourself an «inspection period» that is as long as possible, and put a clause in the contract that you can terminate the agreement for any
reason during that inspection period.
Scoping the sewer line or any other inspections would be done after you have the property under
contract during the inspection period (which is usually the first 10 to 15 days of the contract) while your earnest money is still refundable.
An Arizona appellate court has considered whether a contract provision requiring a buyer to verify the property's
size during the inspection period protected the seller from a later lawsuit over square footage size.
Be sure to ask your title agent, real estate agent, or real estate attorney about these hidden municipal
issues during the inspection period or, better yet, before you make an offer.
Ask the buyer to make two separate payments to you — an option fee, which is non-refundable but allows the buyer to terminate for any reason within a certain time period, and earnest money, which is
refundable during an inspection period when the buyer is allowed to inspect the property, review title, and possibly renegotiate the terms of the sale.
While a buyer will have inspection
done during their inspection period (usually the first 10 days of escrow), a homeowner can order an inspection prior to going on the market so that they can address deficiencies and make affordable corrections.
At most, the deal should be called off
during an inspection period.
During the inspection period, ask 3 to 5 contractors to bid on the scope of work of the property.
We put our offer in originally at $ 311,000 with $ 5,000 of concessions, but we had an escalator clause (saying we'd pay $ 1000 more than anyone else, this generally works for us, if it gets crazy we can always back out
during the inspection period, but I've never done that) which was accepted.
«
During the inspection period, the buyer may say, «We want this old air conditioner system replaced,» even though it works fine now, to gain peace of mind.
They say; 1) They have the inspection report from the previous buyer who backed out
during the inspection period and it shows a photo of the termite damage inside the bathroom vanity.
During this inspection period, if the buyer is not happy with the house, he can cancel the contract and receive his deposit back.
During the inspection period you bring your partners / contractors / buyers through the property.